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July 22, 2008
Citizens Bank of Northern California announced the hiring of Mary Anne Davis as Assistant Vice President, Marketing Officer for the Bank. read more |
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May 19, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced that its Board of Directors approved the declaration of a 5% stock dividend. read more |
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March 6, 2008
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the twelve month period ended December 31, 2007. read more |
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November 1, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the quarter ended September 30, 2007. read more |
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August 1, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the quarter ended June 30, 2007. read more |
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May 8, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, today announced that its Board of Directors approved the declaration of a 5% stock dividend. read more |
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April 26, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced financial results for the three month period ended March 31, 2007. read more |
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March 12, 2007
Citizens Bancorp, the holding company of Citizens Bank of Northern California, announced record earnings for the twelve month period ended December 31, 2006. read more |
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March 8, 2007
Citizens Bank of Northern California announced the hiring of Carmine DeCicco as Vice President, Commercial Banker for its Auburn Branch. read more |
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March 8, 2007
Citizens Bank of Northern California announced the hiring of Julie Frenzel as Vice President, Relationship Officer for its Penn Valley Branch. read more |
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January 10, 2007
Citizens Bank Enhances Its Online Banking Service With a Multi-Factor Authentication Security System. read more |
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January 2, 2007
Citizens Bank to Open Downtown Auburn Branch on January 9, 2007. read more |
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October 31, 2006
Citizens Bancorp Announces 3rd Quarter and YTD Earnings. read more |
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August 24, 2006
Citizens Bank to Open Truckee Branch Soon. read more |
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July 28, 2006
Citizens Bancorp Announces 2nd Quarter Earnings. read more |
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July 7, 2006
Citizens Bancorp Announces New Capital for Citizens Bank. read more |
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May 15, 2006
Citizens Bancorp Announces Stock Dividend . read more |
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May 9, 2006
Citizens Bancorp Stock Now Listed on the OTCBB . read more |
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April 21, 2006
Citizens Bancorp Announces Record 1st Quarter Earnings . read more |
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April 20, 2006
Citizens Bank of Nevada County Announces Name Change . read more |
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February 9, 2006
Citizens Bancorp Announces Record 4th Quarter Earnings . read more |
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January 27, 2006
Citizens Bank Announces Plan for New Truckee Branch . read more |
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December 2, 2005
Citizens Bank Announces Plan for New Downtown Auburn Branch . read more |
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November 8, 2005
Citizens Bank Names New Directors . read more |
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October 20, 2005
Citizens Bancorp Announces Record 3rd Quarter Earnings . read more |
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August 31, 2005
Citizens Bancorp Announces Capital Plans . read more |
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May 16, 2005
Citizens Bancorp Announces Stock Dividend . read more |
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August 1, 2007
Citizens Bancorp Announces Second Quarter 2007 Earnings
Nevada City, California, August 1, 2007. Citizens Bancorp (the "Company") (OTCBB: CZNB), the holding company of Citizens Bank of Northern California (the "Bank"), announced financial results for the quarter ended June 30, 2007. Net income totaled $641,000, or $0.34 per diluted share for the quarter ended June 30, 2007, an increase of 2.4% compared to $626,000, or $0.34 per diluted share for the same period in 2006. For the six month period ended June 30, 2007, net income was $1,249,000, or $0.67 per diluted share. This represents a 17% decrease over the same period in 2006 when net income was $1,502,000, or $0.81 per diluted share. Earnings per share for 2006 have been adjusted to reflect the 5% stock dividend declared in May 2007.
Total assets for the Company as of June 30, 2007 were $307 million, an increase of $41 million, or 15% from $266 million as of June 30, 2006. Total loans for the Company as of June 30, 2007 were $280 million, an increase of $41 million, or 17% compared to $239 million as of June 30, 2006. Bank-wide growth initiatives have resulted in earning asset growth of $26 million dollars, or 10% for the six months ended June 30, 2007, and $38 million dollars, or 15% year-over-year. Total deposits grew $43 million, or 19% to $269 million at June 30, 2007 compared to $225 million at June 30, 2006.
President/Chief Executive Officer, Judy Hess said, "We are pleased that our business development efforts are paying off. Despite narrowing interest margins and the full load of expenses related to our two newest branches in Truckee and Auburn, our net income reflects this relatively strong business development activity." She also added, "Other profitability initiatives have helped us to increase non-interest income as well."
Net interest income for the six months ended June 30, 2007, was $7,024,000, an increase of $467,000, or 7% as compared to $6,557,000 for the same period in 2006. The Company's net interest margin dropped from 5.83% in the six month period ended June 30, 2006 to 5.28% for the six month period ended June 30, 2007. The Company's net interest income and net interest margin were impacted by changes in non-interest bearing deposits which declined $2.9 million and interest-bearing deposits which increased $46.1 million year-over-year, as rising interest rates during that time enticed depositors to put their money into interest bearing deposit products. The Company had brokered deposits totaling $27 million as of June 30, 2007 which were utilized to fund loan growth. Also affecting the change in net interest income year over year was the $6.2 million increase in junior subordinated debentures during June of 2006 which increased the total of these debentures to $15.5 million. The Company's use of Trust Preferred Securities, which help to increase regulatory capital, has allowed for continued growth and expansion.
Founded in February 1995, Citizens Bank, headquartered in Nevada City, became a wholly owned subsidiary of the Company in 2003. In addition to the new Auburn branch in Placer County, the Bank has six other branches in communities throughout Nevada County, including Nevada City, Grass Valley, Penn Valley, Lake of the Pines, and Truckee. The opening of the Auburn branch represents the Bank's first physical entry into neighboring Placer County. The Bank offers community banking services, including a wide variety of deposit products, commercial, residential and consumer loans, and other traditional banking product>
This release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative, and regulatory issues that may impact the Company's earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe", "expect", "intend", "estimate" or words of similar meaning, or future or conditional verbs such as "will", "would", "should", "could" or "may". Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank's operations, pricing, products and services. These and other important factors are detailed in various Federal Deposit Insurance Corporation filings made periodically by the Bank, copies of which are available from the Bank without charge. The Company or the Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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